Musk talks about cryptocurrencies at the OpenAI hearing: some make sense, but most are scams
Foresight News reports, according to Fortune magazine, Musk discussed cryptocurrency at the OpenAI hearing, stating that "some of them make sense, but most are scams." This statement stemmed from the court's inquiry into OpenAI's 2018 ICO fundraising plan, which aimed to raise funds for the then nonprofit organization through an initial coin offering (ICO). OpenAI stated that Musk had always understood that OpenAI might eventually become a for-profit company. In a blog post, they claimed that Musk supported OpenAI's plan to raise funds through an ICO, which would involve establishing a for-profit subsidiary.
Musk's views on cryptocurrency at the OpenAI hearing highlight his wavering stance toward digital assets. He was previously a public supporter of cryptocurrency; in 2021, he led Tesla in purchasing $1.5 billion in Bitcoin, but Tesla sold 75% of this position by mid-2022.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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